Ingles Markets (NASDAQ:IMKTA) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Ingles Markets (NASDAQ:IMKTA) from a buy rating to a hold rating in a research report released on Monday morning.

Ingles Markets Price Performance

IMKTA opened at $64.24 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.45 and a current ratio of 2.89. The stock has a market capitalization of $1.22 billion, a PE ratio of 15.52 and a beta of 0.75. The stock’s 50 day moving average price is $66.03 and its 200-day moving average price is $68.86. Ingles Markets has a 52-week low of $59.73 and a 52-week high of $82.01.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.87 EPS for the quarter. Ingles Markets had a net margin of 1.45% and a return on equity of 5.11%.

Ingles Markets Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.03%. Ingles Markets’s dividend payout ratio (DPR) is 15.94%.

Institutional Investors Weigh In On Ingles Markets

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC grew its holdings in Ingles Markets by 2.1% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 7,443 shares of the company’s stock worth $480,000 after purchasing an additional 150 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Ingles Markets by 4.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,369 shares of the company’s stock valued at $282,000 after purchasing an additional 187 shares during the last quarter. Ballentine Partners LLC boosted its position in shares of Ingles Markets by 7.5% in the 4th quarter. Ballentine Partners LLC now owns 4,523 shares of the company’s stock worth $291,000 after purchasing an additional 314 shares in the last quarter. CWM LLC grew its stake in shares of Ingles Markets by 75.5% in the 3rd quarter. CWM LLC now owns 760 shares of the company’s stock worth $57,000 after buying an additional 327 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Ingles Markets by 413.9% during the 3rd quarter. GAMMA Investing LLC now owns 406 shares of the company’s stock valued at $30,000 after buying an additional 327 shares in the last quarter. 62.54% of the stock is owned by hedge funds and other institutional investors.

About Ingles Markets

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.